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PPBE Topic: cashless society

LM
Lander Meeusen Public Seen by 22

What do you think about the cashless society? What are arguments for / against?

LM

Lander Meeusen Tue 12 Jan

In this (Dutch) article, the main argument against is that it excludes certain groups who don't have access to a bank account or bank card.
https://www.mo.be/analyse/no-cash-winnaars-en-verliezers


A minor argument is that it gives private tech companies and governments more control over an individuals transactions. This data should be private.

A (weak) argument for in the pandemic is hygiene...

I found another article about the Cash Uprising, but haven't read it yet, or the white paper buy the group's founder. https://www.cashmatters.org/blog/swedens-bj%C3%B6rn-eriksson-and-the-cash-uprising-/

I

Ilja Sat 16 Jan

I haven't thought or looked into this much, but a first knee-jerk reactions I have

  1. We saw in the economic crisis of 2010 what the problems are with "too big to fail" banks. With how I understand the idea of a cashless society, we make their possition even stronger (and if not of the banks, then of big tech companies). Basically we're making the issues we saw then bigger and we'll see the results when the next bubbel pops, when it's too late and we have the same things happen all over again.

  2. It forces a dependency to a third party, which I consider possibly problematic in general. Sometimes third party reliance can be a net positive, but this seems way to important for that.

  3. It means you'll need a specific technology to be able to make transactions between people. This is not so with cash.

I don't immediatly see advantages to it, but that doesn't mean they aren't there of course. On the other hand, if I read the articles you shared, then it seems that a bunch of billionaires (people who generally lost all touch with how reality is for most people, especially people in poverty) claim it helps against poverty, while actual organisations who try to help and be a voice for people in poverty see it as highly problematic... So without more insight into this whole thing, I'm gonna follow those in the field over the billionaires here.